Stearman Resources Announces First Tranche Closing Of Flow-Through Private Placement

Executive Summary

• Stearman Resources closed the first tranche of its non‑brokered private placement, issuing 7,125,000 flow‑through units at $0.20 each for gross proceeds of $1.425 million.
• Proceeds will be used to incur qualifying Canadian exploration expenses that will be renounced to unit purchasers, supporting uranium exploration programs in the Athabasca Basin.
• The transaction included cash finder’s fees of $69,300 and issuance of 326,500 finder’s warrants at a $0.30 exercise price.

Key Details

• Units Issued: 7,125,000 FT Units (each = 1 flow‑through common share + ½ warrant).
• Price per Unit: $0.20.
• Gross Proceeds: $1,425,000.
• Warrant Terms: Each whole warrant allows purchase of one additional common share at $0.30 for 24 months from issuance.
• Statutory Hold Period: 4 months + 1 day on all securities issued in this tranche.
• Use of Proceeds: To incur qualifying Canadian exploration expenses, which will be renounced to purchasers under the Income Tax Act (Canada).
• Finder’s Compensation: $69,300 cash paid and 326,500 finder’s warrants issued (exercise price $0.30, 24‑month term).
• CEO Comment: Lester Esteban highlighted the tranche as a “meaningful milestone” for advancing the company’s uranium exploration agenda and indicated an active 2026 development schedule.

Notable Quotes

“The closing of this first flow‑through tranche represents a meaningful milestone in advancing our uranium exploration agenda in the Athabasca Basin…2026 is expected to be an active year for project development.” – Lester Esteban, CEO